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<Research>Haitong Int'l Hikes XIAOMI-W (01810.HK) TP to $24.2, Forecasts 1Q24 Adj, NP to Surge 71%
Recommend 36 Positive 66 Negative 9 |
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Haitong International commented in a report that XIAOMI-W (01810.HK)'s EV business is gaining visibility, benefiting from strong demand for the SU7 and the market's mid-term forecast for a new SUV model. The broker expected XIAOMI to ship 100,000 and 200,000 EVs this year and next respectively. Coupled with resilient margins, a stable smartphone business and a revival of the Internet of Things (IoT) business, Haitong hiked its 2024 and 2025 profit forecasts on XIAOMI by 25% and 26% respectively. The broker accordingly lifted its target price from $18.6 to $24.2 and maintained its Outperform rating. Haitong noted that due to the stronger-than-expected smartphone and IoT gross margins, the latter of which attributable to product mix, as well as lower operating expenses under cost control, XIAOMI's adjusted net profit is expected to surge 71% YoY to RMB5.5 billion in 1Q24. AAStocks Financial News |
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